Skip to main content
Publish date:

Premarket Movers Wednesday: Poshmark, Coinbase, FuboTV

Stocks moving in premarket trading Wednesday include Poshmark, Coinbase, FuboTV, Southwest Airlines and Upstart Holdings.

Stock futures traded mostly lower Wednesday as traders awaited U.S. inflation data they hope will provide them with a clearer sense of Federal Reserve policy.

Here are some of the top movers during premarket trading on Wednesday:

1. Poshmark | Down 7.2%

Shares of Poshmark  (POSH) - Get Poshmark Report declined after the online secondhand fashion marketplace reported second-quarter results ahead of analysts' estimates. 

The company posted a loss of 4 cents a share on revenue of $81.8 million, a 22% year-over-year increase. 

The company warned its marketing efforts were taking a hit from Apple's  (AAPL) - Get Apple Inc. (AAPL) Report new privacy controls over digital advertising tracking, Reuters reported.

2. Coinbase | Up 2.3%

Coinbase  (COIN)  shares advanced after the crypto asset exchange reported results for the second quarter that topped estimates. 

Revenue soared almost 12-fold to $2.22 billion in the quarter from $186 million last year. Wall Street called for $1.79 billion in the latest quarter. 

TheStreet Recommends

Net income was $1.6 billion, or $6.42 a share, while analysts forecast profit of $2.66 a share.

3. FuboTV | Up 13.7%

Shares of FuboTV  (FUBO) - Get FUBOTV INC. Report skyrocketed after the sports streaming company posted better-than-expected second-quarter results and boosted full-year revenue and subscriber forecasts. 

Second-quarter revenue surged 196% year over year to $130.9 million and total paid subscribers rose 138% to 681,721.

4. Southwest Airlines | Down 2.2%

Southwest Airlines  (LUV) - Get Southwest Airlines Co. Report shares slipped after the air carrier warned that it may not be profitable in the third quarter due to slowing bookings and an increase in cancellations in August that were driven by the COVID-19 delta variant. 

The company also forecast its third-quarter operating revenue to be down 15% to 20% compared with 2019,

5. Upstart Holdings | Up 21.2%

Shares of Upstart Holdings  (UPST) - Get Upstart Holdings Inc. Report surged after the artificial-intelligence-driven lending platform posted better-than-expected second-quarter results and raised its guidance. 

Revenue for the current quarter totaled $194 million, an increase of 1,018% from a year ago.